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The global legal AI software market is highly driven by increasing inclination toward IOT and automation. Additionally, increasing penetration of artificial intelligence in legal industry is changing the face of this industry and has created a vast demand for these advanced platforms. Artificial intelligence provides various advantages such as process accuracy, efficiency, reduced cost and speed. These advantages have increased adoption of legal AI software in law firms and legal departments. Additionally, rising number of litigations in the legal industry across the world, and need to reduce the time it takes to complete the legal case are also contributing to the growth of legal AI software market during the forecast period. Furthermore, growing need to develop data driven solutions in the legal industry also fuels the adoption of legal AI software by legal professionals. These factors are likely to drive the growth of this market during the forecast period. However, lack of awareness among law firms of the benefits of legal AI software, high cost of installation, and cybersecurity and data privacy concerns of the legal data are likely to restrain the growth of this market during the forecast period.
Based on type of applications, contract management application segment is expected to grow at a highest CAGR during the forecast period. As most of the legal firms conduct contract review process to analyze the risk, and opportunities associated with the contracts. To complete proper contract analysis, AI based software can help understand the language of the contract and the meaning of the clauses. These advantages has increased the adoption of AI software for contract management and is projected to continue to grow during the forecast period. Based on the geography, North America dominates the legal AI software market by holding largest market share of nearly 40% of the total revenue generated worldwide. This market position is mainly attributed to the increasing investments and product developments in the field of artificial intelligence.
Additionally, US being a technologically advanced country, is experiencing growth in digitization in legal industry. Moreover, there is increasing investment in research and development of automation and artificial intelligence techniques in this region. These factors are attributed to the highest position of North America, in the global legal AI market. However, Europe is expected to witness highest growth in the global legal AI software market. As large number of European law firms and legal companies are adopting AI technology, the legal industry is experiencing a rapid transformation. This is the primary factor driving the growth of this market in European region. Additionally, legal AI software market in Asia-Pacific is also growing at a significant pace.
Some of the major companies profiled in the report include Ross Intelligence, Veritone, Thomson Reuters, iManage, LexisNexis, Luminance, Neota Logic, Legalsifter, Everlaw, Pensieve, Casetext, Cognitiv+, Klarity, Nalanda Technology, Omni Software Systems, Lawgeex, Kira, Opentext, Ey Riverview Law, Rradar, among others.
According to a new market research report published by Credence Research “Global Legal AI Software Market (Component (Solutions, Services), Technology (Machine Learning, Deep Learning, NLP), Deployment Model (Cloud, On-premise), Application (Ediscovery, Legal Research, Contract Management, Compliance, Case Prediction) and End User (Corporate Legal Departments, Law Firms)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall Legal AI Software Market worldwide is set to grow with a CAGR of more than 20% during the forecast period from 2019 to 2027, starting from US$ 240.0 Mn in 2018.